Unprecedented Times

Unprecedented Times

By Chris Sekine

 

The phrase “these unprecedented times” is one that has been overused during the past few months, but I can find no alternative that is more descriptive or accurate. Now that much nicer weather has arrived across Canada, many are venturing outside more often, finding that it eases some of the mental burden of being cooped up. While we all enjoy the nice weather, I believe everyone needs to remain vigilant about social distancing to protect the health of each other and to protect against further shutdowns of the economy.

While the past few months have been difficult for all of us, I’d like to provide you with an update about Trisura. We initiated our business continuity plan on March 16th, and since then, our staff have been working from home on a full-time basis. I’m very pleased that the transition was seamless and all of our service and business functionality have continued without disruption. I would like to thank the great staff at Trisura, our brokers and all of our business partners for enabling a successful transition to working from home.

One of our top priorities since the lockdown has been to keep you informed of the status of Trisura’s operations, as well as the assistance available to our brokers and insureds, including important resources. While trying not to overwhelm you with too many updates, we aimed to provide necessary and pertinent information to help you with both your business and your transactions and dealings with Trisura.

We recently reported Trisura’s Q1 results, and I am pleased that both Trisura Guarantee’s business in Canada and the consolidated business of Trisura Group Ltd. performed extremely well in the first quarter. Trisura Guarantee experienced almost 25% year-over-year growth in Q1, and we also reported an increase in underwriting income of over 30%, which produced an industry leading combined ratio of just over 82%.

On behalf of everyone at Trisura, I would like to extend a sincere thank you to all of our broker partners for your continued support, especially during these difficult times.

We understand it’s tough out there. The pandemic and the economic consequences are significant obstacles that every person and every business on the planet is facing. A broker friend of mine (Matt, you know who you are) recently gave me a book called The Obstacle Is the Way: The Ancient Art of Turning Adversity to Advantage by Ryan Holiday. The book was first published in 2014, but there is no better time to read this book than today from both a personal and business perspective. Thanks, Matt.

It is remarkable to see the number of familiar and successful businesses that were started during times of economic crisis. As cited in the book, some examples are:

  • Coors (Founded 1873 – Depression)
  • General Motors (Founded 1907 – Panic of 1907)
  • Fortune Magazine (Founded 1929 – 90 days after market crash)
  • Revlon (Founded 1932 – Great Depression)
  • Hewlett-Packard (Founded 1935 – Great Depression)
  • Costco (Founded 1976 – Recession)
  • FedEx (Founded 1973 – Oil crisis)
  • Microsoft (Founded 1975 – Recession)
  • LinkedIn (Founded 2002 – Post-dot com bubble)

In addition, a few other notable companies were started during the most recent financial crisis:

  • AirBNB (Founded 2008 – Recession)
  • Uber (Founded 2009 – Recession)

In addition, Holiday notes, “half the companies in the Fortune 500 were started in a bear market or recession. Half.”

For me, the message is that times of adversity can spawn ingenuity and be transformative for those willing to face their obstacle. Yes, times are uncertain, but we are not picking up our ball and going home. In fact, we are doing the opposite. In May, Trisura Group Ltd. raised over $60 million in new capital to support growth across all of its operations. The strong reception we received from the capital markets will allow us to navigate near term volatility confidently, support our partners and growing platforms and plan for a bigger, better Trisura.

For our broker partners, Trisura’s unwavering commitment to help support you is our essential service. We will continue to underwrite risks based on their individual merit as consistently as possible and provide you with great service. I am confident things will get better.

Wishing you and your loved ones remain safe and well,

Chris

Trisura Guarantee Makes the 2020 “Top Small & Medium Employer” List

Trisura Guarantee Makes the 2020 “Top Small & Medium Employer” List

Mediacorp Canada Inc.’s annual list of Canada’s Top Small & Medium Employers has been released – and Trisura Guarantee has made the cut.

Appearing on the list for the fourth year in a row, Trisura Guarantee is honoured to be named along with so many outstanding organizations.

“It is truly an honour to be recognized among so many top organizations in Canada,” Trisura’s head of human resources, Cindy Grant, says. “When it comes to our employees, we take a simple, uncomplicated approach. It’s our entire team, everyone from Halifax to Vancouver, that make us successful through their unwavering commitment to delivering on our philosophy of excellence, discipline and passion every single day.”

2020 marks the seventh year of the competition. The editors of Canada’s Top Small & Medium Employers evaluate employers based on the following criteria:

(1) Physical Workplace;

(2) Work Atmosphere & Social;

(3) Health, Financial & Family Benefits;

(4) Vacation & Time Off;

(5) Employee Communications;

(6) Performance Management;

(7) Training & Skills Development; and

(8) Community Involvement.

Small and medium-sized enterprises (SME) have a large role in Canada, being responsible for over 50% of the nation’s gross domestic product. SME also account for over 90% of the private-sector labour force, and out of all the jobs created in the last 10 years, more than 95% are because of SMEs.

To read up on what makes Trisura Guarantee a 2020 Top Small & Medium Employer, including prioritizing work-life balance and open communication, click here.

To learn more about how winners of the competition are selected, visit the Canada’s Top 100 website.

About Trisura Guarantee:

Trisura Guarantee Insurance Company is a Canadian specialty insurance and surety company with offices across Canada, providing customized solutions and expertise through a select broker network. Trisura Guarantee is uniquely positioned to satisfy Canadian risks in Contract, Commercial and Developer Surety, Directors’ and Officers’ Liability, Fidelity, Professional Liability including Media and Cyber Liability and Warranty products.

Trisura Guarantee Insurance Company is a subsidiary of Trisura Group Ltd., a leading international specialty insurance provider operating in the surety, risk solutions, corporate insurance and reinsurance segments of the market. Trisura has three principal regulated subsidiaries: Trisura Guarantee Insurance Company, Trisura International Insurance Ltd. and Trisura Specialty Insurance Company. Trisura is listed on the Toronto Stock Exchange under the symbol “TSU.”

About Canada’s Top Small & Medium Employers list:

Canada’s Top Small & Medium Employers is an annual editorial competition published by Mediacorp Canada Inc. The list recognizes small and medium enterprises that excel in workplace culture, as well as innovative and progressive human resources initiatives. The competition is open to employers whose head office is in Canada and have less than 500 employees globally. Qualifying companies are commercial, for-profit organizations.